24601, the report is unfortunately thin as always (although perhaps I just haven't read thoroughly enough) on the bundling revs.
It looks, at first blush, that Wave continues to lose some 1.5m from the restructured Dell agreement. The restructure is a matter some feel will be better for Wave in the long haul as more robust Dell-TC options become the norm, but it does not look like Wave has reached a tipping point.
While all sorts of sales-fails are generally the topic, that drop in the Dell baseline appears to yet to be overcome.
The difficulty is in understanding what component od the reproted major customer Dell revs have previously included DefRev from large orders booked as Dell revs versus the OEM bundling revs.
I thought at some point the number could be derived in previous filings, but I failed to stumble across it in the latest 10k.
AS I assume Dell is the partner in the invoice (credit) facility Wave has now, that number will only further erode (presumably Dell effectively gets a discount for invoice pre-payment).
The above content is my opinion.
